Requirement to Be Public or Non-profit-

(1) IN GENERAL- No institution may be a participating provider unless it is a public or not-for-profit institution.

(2) CONVERSION OF INVESTOR-OWNED PROVIDERS- Investor-owned providers of care opting to participate shall be required to convert to not-for-profit status.

(3) COMPENSATION FOR CONVERSION- The owners of such investor-owned providers shall be compensated for the actual appraised value of converted facilities used in the delivery of care.

(4) FUNDING- There are authorized to be appropriated from the Treasury such sums as are necessary to compensate investor-owned providers as provided for under paragraph (3).

(5) REQUIREMENTS- The conversion to a not-for-profit health care system shall take place over a 15-year period, through the sale of US Treasury Bonds. Payment for conversions under paragraph (3) shall not be made for loss of business profits, but may be made only for costs associated with the conversion of real property and equipment.

http://thomas.loc.gov/cgi-bin/query/z?c109:H.R….

Wow, I can almost hear the click of boot heels.

Well, “crowding out” of the private sector by the public option and related government (public) entitles was always the plan. It was just the tail end of the bell curve, the Herd that considers it all “progress,” who was the object of the more stupid stuff about (rigged, bogus) “competition” and “keeping the private insurers honest,” et cetera.

Note that the problem you are describing is addressed (through unconstitutional expropriative means, not paying for, among other things, lost profits over the subsequent 20-30 years) in the Conyers Medicare for All legislation. In that legislation, the “solution” was to make all the private parties of concern converted (forcibly) into non-profits, under public direction (given the federal monopsony).